The Laffer Curve Is No Joke
I have seen a number of pieces from the American left mocking the very idea of the Laffer Curve , as though it is idiotic to think that lowering taxes could ever raise tax revenue. But pretty much every trained economist would admit that there is such a curve; the only question is where its maximum lies. Consider: "One great success was the Commutation Act of 1784 which reduced tea duties from 119% to 12.5%, successfully killing smuggling and enhancing the public revenue, a never to be forgotten lesson." -- Julian Hoppit, "Political how are an British economic life, 1650-1870," from The Cambridge Economic History of Modern Britain, Volume I , p. 360, emphasis mine.